Simple Interest

The rate is given as a percent (%). Before using it in the simple interest formula, you must first convert it to a______.

• fraction

• decimal

• ratio

• dollar amount

Tags

CCSS.7.RP.A.3

Emilio borrows $1200 from a bank with 8% simple interest per year.  How much will he have to pay back total in 2 years?

• $150
• $192
• $1350
• $1392

Tags

CCSS.7.RP.A.3

Principal = $500
Interest rate =5%
Time = 5 years
What is the interest earned?

• 95
• 105
• 125
• 135

Tags

CCSS.7.RP.A.3

Dan borrowed $2,000 for 6 months at 12% annual simple interest rate. How much interest is that?

• $120
• $144
• $1,200
• $1,440

Tags

CCSS.7.RP.A.3

Jenna borrowed $5,000 for 3 years and had to pay $1,350 simple interest at the end of that time. What rate of interest did she pay?

• 6%
• 6%
• 8%
• 9%

Tags

CCSS.7.RP.A.3

The simple interest formula is I=Prt.  What does the t represent?

• Principle
• Interest
• Time, in hours
• Time, in years

Tags

CCSS.7.RP.A.3

Christian opened a savings account with $3250. His account will earn 5.2% simple interest. How much money will be in his account after 6 years?

• $4,264.00
• $1,104.00
• $1,100.00
• $4,400.00

Tags

CCSS.7.RP.A.3

Determine the balance with interest:

p= $5375  r= 6.3%  t= 2 years

• $6, 520.52
• $6,502.25
• $6,052.25
• $677.25

Tags

CCSS.7.RP.A.3

Alexis opened an account with $35. The account she opened earns simple interest at a rate of 8.6%. How much money will her account have in 4 years?

• $47.04
• $35.04
• $45.00
• $37.45

Tags

CCSS.7.RP.A.3

What is the ending balance of an account with $42,000 and earns simple interest at a rate of 3% for 5 years?

• $6,300.00
• $46,300.00
• $48,300.00
• $6,342.00

Tags

CCSS.HSF.BF.A.2